Business, international

Nordic firms can handle it

Article Abstract:

Scandinavian firms dominate the global materials handling industry. Reasons for this situation include the early development of sophisticated equipment to meet the demands of domestic industries. Major Scandinavian players have been consolidating their leading positions. Leading electric truck manufacturer BT industries AB acquired US warehouse truck manufacturer Raymond Corp. in 1997 for $373 million, and lift truck manufacturer Kalmar AB merged with Sisu Terminal Systems. Reasons for the merger and acquisition activity include geographic expansion and product range extension.

Nordic: restructuring the banking market

Article Abstract:

Finland-based Merita Pankki bank announced the formation of MeritaNordbanken through a merger with Sweden's state bank Nordbanken in 1997. MeritaNordenbanken will have total assets of $106 billion, making it the Nordic region's biggest financial institute. There will be 760 branches, catering to 6.5 million customers and serviced by 21,000 employees. Merita Pankki acquired Nordbanken for its expertise in customer services, mortgages and mutual funding.